Pensioners' wealth falls short for comfy retirement: study

A Melbourne University study has found old age pensioners are well short of the wealth that would enable them to live a comfortable lifestyle, as determined by the Association of Superannuation Funds of Australia.

The first significant study on individual wealth holdings since World War I found half of the Australian population owned less than 10 per cent of total household net worth.

Melbourne University researcher Dr Gary Marks said the wealthiest 10 per cent owned 45 per cent of total household wealth.

"It's not surprising in a sense that they're similar to overseas studies and to early Australian studies, but what is interesting is that in equality it hasn't got worse or more unequal the last 10 years," he said.

The study also found that property was the largest component of assets, but that many Australians end up with no cash when they retire because they lock it into their house.

Melbourne Institute researcher Dr Bruce Headey said "housing is not the only game in town".

He also pointed out that wealth is heavily skewed with age.

"Wealth is not closely linked to a persons' socioeconomic background," he said.

The study found university education is associated with substantially higher levels of wealth.

It also found smokers are less wealthy while moderate drinkers are wealthier, and that exercise makes no difference to levels of wealth